Closed-End Funds A Guide to Your Fund s Automatic Reinvestment Plan

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1 A Guide to Your Fund s Automatic Reinvestment Plan This material is not to be used in connection with the initial offering of shares of a Nuveen Closed-End Fund.

2 Nuveen Automatic Reinvestment Plan Dear Shareholder, Thank you for investing in a Nuveen Closed-End Fund, and for your interest in the Fund s Automatic Reinvestment Plan. By using your Fund s distributions to purchase additional shares, you can harness the power of compounding and potentially help your account grow even faster. If you wish to participate and your shares are held in your own name, call Nuveen Investor Services at (800) everything can be handled immediately over the phone. If your shares are held in the name of a brokerage firm, bank, or other nominee, you should contact them to request that they participate in the Plan on your behalf. If you wish to participate, but your brokerage firm, bank or other nominee is unable to do so on your behalf, you may request that your shares be re-registered in your own name. The following pages contain more information and details about the Automatic Reinvestment Plan. Please review this information carefully. Again, thank you for your interest in Nuveen Investments. FAQs What Is the Automatic Reinvestment Plan? The Automatic Reinvestment Plan offers you a simple and efficient way to reinvest your distributions in additional shares of your Nuveen Closed-End Fund. Under the Automatic Reinvestment Plan, the money you receive from distributions will be invested automatically in additional shares of the same Fund, enabling you to take advantage of the benefits of compounding. Who May Participate in the Plan? Any shareholder in a Nuveen Closed-End Fund may enroll in the Plan, with the exception of the Nuveen Municipal Value Fund, which has a slightly different feature.* If you own shares in your name, you may participate directly. If you own shares that are held in the name of a brokerage firm, bank, or other nominee, you should instruct them to participate on your behalf. If your brokerage firm, bank, or other nominee is unable to do so, you may request to re-register your shares in your own name in order to participate. Sincerely, Nuveen Investments * Please note that the Nuveen Municipal Value Fund has an additional feature of an optional cash purchase plan. 2 1

3 What Are The Advantages To Shareholders? Shareholders who participate in the Automatic Reinvestment Plan have the potential to benefit through: Compounding By reinvesting, you gain the added advantage of allowing your distributions to compound over time, which can have a dramatic impact on the long term growth of your investment. Dollar Cost Averaging Automatic reinvestment is an effective way to benefit from a strategy called dollar cost averaging. By reinvesting an equal amount at regular intervals, you will automatically buy more shares when prices are lower and fewer shares when prices are higher. Over your entire investment period, your average cost per share may be lower than the average price per share over that period. Please note that automatic reinvestment does not ensure a profit, nor does it protect you against loss in a declining market. Investors should consider their financial ability to continue purchases through periods of falling values. Diversification Reinvesting also can help keep your asset allocation in balance to ensure a diversified investment portfolio that may help you reduce your overall investment risk. Convenience It s easy and convenient to enroll in the reinvestment plan. After each reinvestment, you ll receive a statement showing your reinvestment shares and the price per share, as a summary of your holdings. With the Automatic Reinvestment Plan, you ll be adding regularly to your account. How Do I Enroll in the Plan? To enroll in the Automatic Reinvestment Plan, simply call Nuveen Investor Services at (800) Everything can be completed in one phone call. 2 Your reinvestment will begin with the next distribution payable after we receive your authorization, provided it is received prior to the record date. If you authorize reinvestment after the record date, your participation in the Plan will begin with the following distribution. Either your Fund or the Plan Agent may amend or terminate the Plan. Participants will receive written notice at least 30 days before the effective date of any amendment or termination. What Options Does The Plan Offer? The Plan has three options: reinvestment of both regular distributions (monthly or quarterly) and any special distributions (such as capital gains or returns of capital); reinvestment of only special distributions; or reinvestment of regular distributions only. If you choose to reinvest regular and special distributions, they will be invested for you promptly in additional shares, automatically increasing your holdings. If you elect to reinvest special distributions only, you will receive regular distributions in cash, while any special distributions will be reinvested in additional shares. If you elect to reinvest only regular distributions, you will receive special distributions in cash, while any regular distributions will be reinvested in additional shares. How Much Will the Shares I Acquire Cost When I Reinvest? For Nuveen, if the market price at the time of reinvestment is lower than the NAV per share, then you will receive shares purchased in the open market. If the market price of shares on the valuation date equals or exceeds the NAV per share, the Fund will issue new shares at a price equal to the greater of (i) net asset value per Common Share determined on the last business day immediately prior to the purchase date or (ii) 95% of the closing market price on the last business day immediately prior to the purchase date. 3

4 If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares net asset value or 95% of the shares market value. Are There Other Costs Such as Brokerage or Service Fees? There is no direct charge for reinvesting because the Plan Agent s fees are paid by your Fund. If the Fund issues new shares, there will be no brokerage costs. However, when shares are purchased in the open market, a pro rata portion of the applicable brokerage commissions will be divested from your distributions before the purchase is made. Brokerage commission rates for buying shares through the Plan are expected to be less than the usual rates for individual transactions because the Plan Agent will buy shares for all Plan Participants in blocks, resulting in lower commissions for each Participant. What Are the Tax Implications for Participants? You will receive tax information annually for your personal records and to help you prepare your tax returns. The automatic reinvestment of distributions does not affect the tax characterization of your regular distributions or any special distributions such as capital gains. Once Enrolled in the Plan, May I Withdraw? You may withdraw without penalty at any time by calling Nuveen Investor Services at (800) May I Liquidate My Automatic Reinvestment Derived Shares? You may liquidate the shares that were credited to your account through the Automatic Reinvestment Plan by calling Nuveen Investor Services at (800) or writing to Nuveen Investments, 333 W. Wacker Drive, Chicago, IL When writing, please include the following: Taxpayer ID Number Fund name and ticker symbol Number of shares to liquidate Signature(s) of the registered holder(s) exactly the way it appears on the Shareholder Statement. The signature(s) must be guaranteed by a member of the Medallion Guarantee program if any of the following conditions apply. Also, liquidation requests must be in writing if any of the following conditions apply: The liquidation exceeds $50,000 in market value. You want the check for the liquidation proceeds to be made payable to someone other than the holder(s) of record and/or to be mailed somewhere other than to the address of record. A fiduciary registration such as that of a trustee or executor exists, in which representatives are not identified by name on our records. The Plan Agent reserves the right to request additional documentation based on the Securities Transfer Association guidelines if it is determined that unusual circumstances exist. The Plan Agent will sell these shares upon your request and send you the proceeds, less a $2.50 service fee and applicable brokerage commission. There will be a three-day settlement period between the trade date and settlement date. 4 5

5 Terms and Conditions This Automatic Reinvestment Plan of all Nuveen Closed-End Funds for which Computershare Trust Company, N.A. acts as transfer agent, State Street Bank acts as custodian and Nuveen Asset Management serves as investment adviser, provides for reinvestment of Fund distributions, consisting of income dividends, returns of capital and capital gains distributions paid by the Fund, on behalf of Fund shareholders electing to participate in the Automatic Reinvestment Plan ( Participants ) by the Plan Agent, all substantially in accordance with the following terms: 1. The Plan Agent will act as Agent for Participants and will open an account for each Participant under the Automatic Reinvestment Plan in the same name as the Participant s shares are registered, and will put into effect for each Participant the distribution reinvestment option of the Plan as of the first record date for a distribution to shareholders after the Plan Agent receives the Participant s authorization to do so, either in writing duly executed by the Participant or by telephone notice satisfying such reasonable requirements as the Plan Agent and the Fund may agree. In the case of shareholders who hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the record shareholder as representing the total amount registered in the record shareholder s name and held for the account of beneficial owners who are Participants. 2. Whenever the Fund declares a distribution payable in shares or cash at the option of the shareholders, each Participant shall take such distribution entirely in shares and State Street Bank shall automatically receive such shares, including fractions, for the Participant s account, except in circumstances described in Section 3 on page 7. Except in such circumstances, the number of additional shares to be credited to each Participant s account shall be determined by dividing the dollar amount of the distribution payable on the Participant s shares by the greater of net asset value or 95% of current market price per share on the payable date for such distribution. 3. Should the net asset value per fund share exceed the market price per share on the day for which trades will settle on the payment date for such distribution (the Valuation Date ) for a distribution payable in shares or in cash at the option of the shareholder, or should the Fund declare a distribution payable only in cash, each Participant shall take such distribution in cash and the Plan Agent shall apply the amount of such distribution to the purchase on the open market of shares of the Fund for the Participant s account. Such Plan purchases shall be made as early as the Valuation Date, under the supervision of the investment adviser. The Plan Agent shall complete such Plan purchases within 30 days of the Valuation Date except where deferral is required under applicable federal or state laws or regulations. 4. For the purpose of this Plan, the market price of the Fund s shares on a particular date shall be the last sale price on the Exchange where it is traded on that date or, if there is no sale on such Exchange on that date, then the mean between the closing bid and asked quotations for such shares on such Exchange on such date. 5. Open-Market purchases provided for above may be made on any securities exchange where the Fund s shares are traded, in the over-the-counter market or in negotiated transactions and may be on such terms as to price, delivery and otherwise as the Plan Agent shall determine. Participants funds held uninvested by the Plan Agent will not bear interest, and it is understood that, in any event, the Plan Agent shall have no liability in connection with any inability to purchase shares within 30 days after the initial date of such purchase as herein provided, or with the timing of any purchases affected. The Plan Agent shall have no responsibility as to the value of the Fund s shares acquired for Participant s accounts. The Plan Agent may commingle all Participants amounts to be used for open-market purchases of Fund shares and the price per share allocable to each Participant in connection with such purchases shall be the average weighted price (including brokerage commissions and other related costs) of all Fund shares purchased by the Plan Agent. 6. The Plan Agent may hold each Participant s shares acquired pursuant to this Plan, together with the shares of other Participants, in non-certificated form in the Plan Agents name or that of its nominee. The Plan Agent will forward to each Participant any proxy solicitation material and will vote any shares so held only in accordance with proxies returned to the Fund. 6 7

6 7. The Plan Agent will confirm to each Participant each acquisition made for the Participant s account as soon as practicable but no later than 60 days after the date thereof. In the event of termination of a Participant s account, under the Plan, the Plan Agent will adjust for any such undivided fractional interest at the market value of the Fund s shares at the time of termination. 8. Any stock dividends or split shares distributed by the Fund on full and fractional shares held by the Plan Agent for a Participant will be credited to the Participant s account. In the event that the Fund makes available to its shareholders rights to purchase additional shares or other securities, the shares held for each Participant under the Plan will be added to other shares held by the Participant in calculating the number of rights issued to the Participant. 9. The Plan Agent s service fee for handling reinvestment of distributions pursuant hereto will be paid by the Fund. Each Participant will be charged his or her pro rata share of brokerage commissions on all open market purchases. 10. Each Participant may terminate his or her account under the Plan by notifying the Plan Agent of his or her intent so to do, either in writing duly executed by the Participant or by telephone in accordance with such reasonable requirements as the Plan Agent and the Fund may agree. Such termination will be effective immediately if notice is received by the Plan Agent prior to any distribution record date for the next succeeding distributions: otherwise such termination will be effective shortly after the investment of such distribution with respect to all subsequent distributions. The Plan may be terminated by the Fund or the Plan Agent upon at least 30 days prior notice. Upon any termination, the Plan Agent will cause a statement for the full shares held for each Participant under the Plan and cash adjustment for any fraction to be delivered to the Participant without charge. If any Participant elects in advance of such termination to have the Plan Agent sell part or all of his or her shares, the Plan Agent is authorized to deduct from the proceeds a $2.50 fee plus the applicable brokerage commission incurred for the transaction. The Plan Agent will process all sale instructions it receives no later than five business days after the date on which the order is received, assuming the relevant markets are open and sufficient market liquidity exists and except where deferral is required under applicable federal or state laws or regulation. In every case the price to each selling Participant shall be the weighted average sale price obtained by the Plan Agent s broker net of fees for each aggregate order placed by the Plan Agent and executed by the broker. To maximize cost savings, the Plan Agent will seek to sell shares in round lot transactions. For this purpose the Plan Agent may combine each selling Participant s shares with those of other selling Participants. All sale instructions are final. Once the Plan Agent as received the Participant s sale instructions, the request cannot be stopped or cancelled. 11. These terms and conditions may be amended or supplemented by the Plan Agent or the Fund at any time or times, except when necessary or appropriate to comply with applicable law or rules or policies of the Securities and Exchange Commission or any other regulatory authority, but only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date there of. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Agent receives notice of the termination of such Participants account under the Plan in accordance with the terms here of. Any such amendment may include appointment by the Plan Agent in its place and stead of a successor Agent under these terms and conditions. Upon such appointment of any Agent for the purpose of receiving distributions, the Fund will be authorized to pay to such successor Agent, for each Participant s account, all distributions payable on shares of the Fund held in the Participant s name or under the Plan for retention or application by such successor Agent as provided in these terms and conditions. 12. The Plan Agent shall at all times act in good faith and agree to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by its negligence, bad faith or willful misconduct or that of its employees. 8 9

7 Thank You Serving Investors for Generations Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. Today, Nuveen Investments is a global investment management firm that seeks to help secure the long term goals of institutions and high net worth individuals as well as the consultants and financial advisors who serve them. Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. To find out more, call your advisor or visit. Website: Telephone: Not fdic insured. May lose value. No bank guarantee. Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL Cover mosaic: Lynn Moor The Chicago Mosaic School EBR-CEFREIN-0513D 002CSN2AE2